Fuinhaz $SPY read for January 18 2013
January 18, 2013 - 10:01am
Market flat after yesterday's amazing run to new highs. It did leave a lot of people skeptical like me of how much more power does this bull rally have under it's belt.
The $NYMO did not shoot up significantly for us to call this market overbought. Financials did followed the run, and this morning most of the significant ones are down with an exception of $GS and $MS (which reported this morning).
Honestly everyone is on their toes, but no one fighting against this move until they see a confirmation that it is done.
$SPY 1st support is 147.72, 2nd support 147.35,and 3rd is 147.05.
$SPY 1st target is 148.68, 2nd is 149.20, 3rd is 149.80, and 4th one just for fun is 150.42.
Trade what you see not what you think.
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